A former City youngster, Wood has made 122 appearances for The Owls and scored for them against the Sky Blues at Hillsborough last season.
The 22 year who who will celebrate his 23rd birthday on July 5th made his Wednesday debut in April 2003 and has scored six goals in total and picked up fourteen yellow cards.
Meanwhile, target Freddie Eastwood has said that he would welcome a move to Cardiff City.
Cambridge United,whom City play in a friendly on July 26th have parted company with manager Jimmy Quinn.